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07 Jun 2023

Fix battery concerns to boost used EV sales – report

Addressing battery health, affordability and charging infrastructure could bolster the second-hand EV market and speed up the UK’s EV transition by a decade, according to a new report.

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Published by the Green Finance Institute (GFI), the report surveyed over 2,000 UK drivers and drew on contributions from 35 prominent car dealerships, motor finance lenders and lease companies. It found that although 61 per cent would purchase an EV, more than a quarter of that segment would not buy a used one, with concerns over battery health the biggest barrier. The general affordability of EVs was also cited as a significant drawback, as was the perception that the UK’s public charging infrastructure is not ready to support the EV transition.

While sales of new petrol and diesel cars will stop from 2030, the ban will not apply to the used car market, which makes up around 80 per cent of total UK sales. Boosting confidence in the second-hand EV market will be vital to speed up the overall transition away from ICE vehicles.

“Without the used market, the EV transition is destined to stall,” said Lauren Pamma, programme director at the Green Finance Institute.

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